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(b) |
(i) | Fill-up the blanks in the following table :
Agricultural Output with Fixed Land and Variable Units of Labour
Labour (Units)
1 2 3 4 5 6 7 |
Total Output (Tonnes) 8 20 36 .... 55 60 .... |
Average Output (Tonnes) 8 .... 12 12 .... .... .... |
Marginal Output (Tonnes) .... 12 .... 12 7 5 0 |
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(4 marks) |
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(ii) | Narrate few aspects relating to supply of labour in a country. |
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(4 marks) |
4. |
(a) |
What is meant by ‘credit control’ ? What are its main categories ? Explain bank rate as a leading instrument of credit control. |
(8 marks) |
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(b) |
What do you understand by ‘consumption function’ ? State various factors that determine consumption function. |
(7 marks) |
5. |
(a) |
Briefly explain any two of the following concepts :
(i) (ii) (iii) |
Reflation Hyper-inflation Deflation. |
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(4 marks) |
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(b) |
State and explain ‘comparative cost advantage theory’ of international trade as propounded by David Ricardo. |
(7 marks) |
PART - B |
(Answer ANY TWO questions from this part.) |
6. |
(a) |
“Business environment of a firm is the totality of external circumstances which it faces and over which it has little or no control.” Comment. |
(7 marks) |
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(b) |
Explain briefly any two of the following :
(i) | Concept of X-inefficiency |
(ii) | Social goods |
(iii) | State regulation |
(iii) | Industrial sickness. |
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(4 marks each) |